ASIC's perspective on resources and reserves reporting

A speech by John Price, Commissioner, Australian Securities and Investments Commission at the Australian Securities Exchange / Joint Ore Reserves Committee roadshow, Melbourne, 29 April 2013

ASIC’s strategic framework

To set the scene for my comments today I quickly want to mention ASIC’s strategic framework and how the work of the Commission is focused on three key priorities. The first of our three priorities is to ensure confident and informed investors and financial consumers.

In this regard we are focussed on:

recognising how investors and consumer make decisions which may affect them financially,

educating investors to improve their understanding of relevant concepts in investment; and also

holding what we refer to as ‘gatekeepers’ to account. Gatekeepers are essentially those intermediaries who are involved in providing investors with the information they need to navigate the financial world – so this extends not only to directors and auditors, but also to experts such as Competent Persons.

Our second strategic priority is ensuring fair and efficient financial markets. We seek to achieve this through our role in monitoring and enforcing laws relating to market disclosure and integrity and also through our market supervision role. And our third priority is ensuring efficient registration and licensing with a particular focus on small business.

ASIC's interest in resources and reserves reporting

Given the first two strategic priorities mentioned, it's probably not surprising ASIC has had a keen interest and involvement in the most recent updates to the disclosure regime for mining and exploration entities embodied in the Australian Securities Exchange (ASX) Listing Rules and the 2012 JORC Code [The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves]. This naturally reflects the role the Code and Listing Rules play in ensuring the integrity of our financial markets.